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hard times Dublin couple can’t buy a house even though they 'have a good deposit'

Parents-to-be Conor O’Loughlin and his partner are trying to buy a home in north County Dublin, but have found that prices have shot up by €20,000 to €30,000 in just the past year.

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A Dublin couple say it is “infuriating” that cuckoo funds continue to be allowed to hoover up new homes, while they are living in a family member’s home, despite having a healthy deposit saved.

Parents-to-be Conor O’Loughlin and his partner are trying to buy a home in north County Dublin, but have found that prices have shot up by €20,000 to €30,000 in just the past year.

The couple are currently living in a family member’s home, but are hoping to buy in the Portmarnock area of Dublin.

They were looking to buy in Malahide but say it is out of their budget, so the neighbouring seaside town is the next best option.

“We’re looking at Portmarnock maybe, Malahide would be ideal but it’s far too expensive,” Mr O’Loughlin said.

“We are certainly looking at north County Dublin but it’s difficult at the moment because we don’t know where we will be able to afford.”

The expectant father said he would prefer to live on the southside as he is from Sandymount, but that’s completely out of the question because of the extortionate house prices.

Mr O’Loughlin says although he and his partner both have good jobs in the tech industry and a big deposit saved, it will still likely be another year or two before they find a home and get approved for a mortgage.

He also said he believes he is at a disadvantage because he previously owned an apartment, so he isn’t eligible for any first-time buyer schemes.

“It’s mental. You think you are doing everything right,” he explained.

“We have a healthy deposit, but with a baby on the way and us both working from home, we definitely need a three-bed minimum. And looking anywhere for a new build – there’s no hope.

“Even if we got a €150,000 deposit in the next year for a new build in an area we like, you are looking at €550,000 to €600,000 and then you have got a big mortgage, so we are holding off.

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“If you do a search on Daft.ie for three-bedroom houses, you will only find a handful for less than €500,000 or €550,000, and that’s in most of Dublin.

Mr O’Loughlin describes cuckoo funds as “infuriating”, and he also believes the Government should scrap the first-time buyers scheme as it is leading to developers rising prices.

“It infuriates me how they (cuckoo funds) are allowed to do it. The Government is just letting them. The developers can rent tax-free so why wouldn’t they?

“If you had a couple of million, you would definitely do it as a developer.

"It’s such a good opportunity to not pay tax.”

The Dubliner, whose baby is due in April, said the hardest part of not having their own home is not knowing where to put their son in daycare.

“We have to put his name down now, but where the hell are we going to live and where should we put him down?"

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